UBS SuMi, a joint venture between UBS and Sumitomo Mitsui Trust Holdings, Inc. (SuMi TRUST Holdings), has disclosed its acquisition of Credit Suisse’s wealth management business in Japan. This move marks a significant development in the landscape of wealth management within the country.
The transaction involves the transfer of Credit Suisse’s wealth management assets in Japan to UBS SuMi. As a result of this acquisition, UBS SuMi anticipates incorporating all of Credit Suisse’s advisors along with the assets they currently manage in Japan. This integration is slated to occur subsequent to the merger of UBS AG and Credit Suisse AG, which is on track for completion by the conclusion of June 2024.
To maintain the initial ownership structure, UBS SuMi plans to rebalance investments in the joint venture. This entails sustaining the UBS 51% and SuMi TRUST Holdings 49% ownership ratio.
The inclusion of Credit Suisse’s client accounts is poised to bolster UBS SuMi’s standing as a leader in the management of invested assets among global wealth managers operating in Japan. This acquisition underscores a strategic alignment aimed at enhancing UBS SuMi’s market position and service offerings within the Japanese wealth management sector.
“This agreement signifies far more than just a strategic expansion for us. It serves as a resounding vote of confidence in the robustness of our joint venture business model and the substantial value we are poised to generate through the integration of Credit Suisse’s esteemed talent pool and assets. Moreover, it underscores the unwavering faith that both UBS and SuMi TRUST Holdings have in the Japanese wealth management landscape. Our commitment to this venture is a testament to our collective belief in the immense potential of the Japanese market and our dedication to further enhancing the quality and depth of wealth management services available to clients in the region,” commented Zenji Nakamura, who serves as both the President of UBS SuMi and the Japan Country Head for UBS.
